TWO-TIME Olympic Gold medalist Carlos Yulo does not have to pay taxes for all the prizes and awards he received by virtue of his historic double win in the recently concluded 2024 Paris Olympics, the Bureau of Internal Revenue (BIR) said.
In a statement, the BIR said the National Internal Revenue Code (NIRC), as amended, allows for Yulo to receive these cash incentives and properties without paying taxes.
“The NIRC exempts Carlos Yulo from paying taxes for the prizes, awards, rewards, gifts or donations he received. The BIR congratulates our two-time Olympic Gold medalist for his performance in the 2024 Paris Olympics. You are an inspiration to the men and women of the BIR,” BIR Commissioner Romeo Lumagui Jr. said.
The NIRC provides all prizes and awards granted to athletes in local and international sports tournaments and competitions held in the Philippines or abroad and sanctioned by their respective national sports associations shall be exempt from income tax.
Thus, all prizes, awards and rewards granted to Yulo by the Paris 2024 Organizing Committee as well as the Philippine government pursuant to existing laws are exempt from income tax.
The NIRC likewise categorically provides that the value of property acquired by gift, bequest, devise or descent shall be excluded from gross income of the recipient and, therefore, exempt from income tax.
“The rewards, gift or donations in any form given to Yulo by private entities, or individuals clearly fall under this exemption. Therefore, Yulo need not declare these as part of his gross income, and he shall not be liable to pay any income tax thereon,” the BIR said.
The NIRC also states that the donee or receiver is not liable to donor’s tax.
Based on announced pledges as well as the official awards from the government, Yulo is estimated to receive at least P80 million in cash prizes.
The Olympian was also awarded a P32 million-fully furnished three-bedroom unit in McKinley Hill from Megaworld; a P6- million house and lot in Nasugbu, Batangas, from Century Properties; a house and two lots in Tagaytay from the Philippine Olympic Committee; a Toyota Land Cruiser Prado from Toyota Motors Philippines; and a Chery Tiggo 7 Pro SUV from Chery Auto Philippines.
Various companies have also pledged in-kind incentives and credits to the first Filipino Olympic double gold medalist.
